Old Mutual fires CEO Peter Moyo

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Old Mutual has fired CEO Peter Moyo over dividend payments received from NMT Capital, an investment company Moyo co-founded and in which Old Mutual holds a stake. Old Mutual argues that the dividend payments in 2018 by NMT to ordinary shareholders breached its rights to receive dividends on its preference shares prior to other shareholders. Moyo benefitted around R30m from the payment.

The Financial Times, Joseph Cotterill and Myles McCormick, June 18th 2019